The Texas Veterans Land Board (VLB) Veterans Housing Assistance Program offers qualified Texas Veterans and Active Military Members living in or moving to Texas an unbeatable, low-interest loan with little or no money down on primary residences in Texas.
The Texas Veterans Land Board (VLB), a division of the Texas General Land Office, administers the Texas State Veterans Homes loan program.
The Texas Veterans Land Board was created by the states Legislature in 1946. Then in 1983 the (TVLB) started doing home loans for those who plan to use the home for their Primary Residence.
These mortgages are available to Honorable discharged Veterans who served in the Marines, Army, Air Force, Navy, Coast Guard or the National Guard.
The Maximum home Loan Limit is $453,100.
All rates are fixed rate home mortgages. The rates are lower than traditional mortgage rates. The Veterans with Disabilities Discount applies to veterans with a 30% compensable disability by the United States Department of Veterans Affairs.Current Texas Vet Loan Rates
Housing loans are available with 30, 25, 20 or 15 year terms. Home Improvement loans are available with 2 to 20-year terms.
A Texas Vet loan must be originated as a VA Loan, FHA or Conventional.
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A VLB Home Loan may be used to purchase a home that meets these requirements:
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There are a number of benefits for Veterans with disability ratings from VA from
the Veterans Affairs, Texas Veterans Land Board and the State of Texas.
The Veterans Housing Assistance (VHAP) and Home Improvement (VHIP) Programs offer an interest rate reduction to qualifying veterans with disabilities.
The veteran must have a compensable service-connected disability of 30% or greater as verified by an Award Letter from the Department of Veterans Affairs (VA). The amount of the regular 30 year fixed rate would be discounted by 1/2 a point.
The veteran must also meet all other eligibility requirements for the VHAP and VHIP.
All Texas Vet Land Board loans are subject to credit approval as determined by the lender.
The VHAP does not guarantee an interest rate on any loan. The interest rate on the VHAP loan will be determined at the time the rate lock is secured.
*Note: If more than one rate lock is obtained in a twelve-month period, the highest locked rate will prevail.
No, the VHAP is not a refinancing program. If you have an existing loan on your home, you cannot use the VHAP to lower your interest rate, nor can the VHAP be used as a down payment on a home. It can only be used to obtain a purchase money loan with a first lien on your primary residence.
VHAP loans typically require an escrow account be set up for taxes and insurance.
All new-construction homes financed through the Texas Veterans Housing Assistance Program (VHAP) must meet the U.S. Environmental Protection Agency's (EPA) guidelines for ENERGY STAR® qualified homes. This includes completion of the Thermal Bypass Checklist, by a certified Home Energy Rating System (HERS) Rater, prior to wallboard being installed.
Cosigners and guarantors may be accepted on the veteran's behalf if the veteran has sufficient income to qualify for at least 60 percent of the monthly payments on the mortgage loan, including taxes and insurance.
Interest paid by veterans on the loans themselves and investment earnings make the program self-sufficient. No state tax revenue is used to fund the VLB programs. These programs are an innovative and cost effective way to reward veterans for their service and sacrifices.
Same as VA, plus:
To be eligible to participate in the Texas Veterans Loan Programs, an applicant must have:
Every client's situation is different and handled with a unique, personalized approach. As a San Antonio, Texas based Mortgage Broker we focus on getting the right loan at the right rate for our client and it allows us to secure often hard-to-find financing.
Have a question about your particular mortgage goal, give us a call and speak with a mortgage specialist.